Pier 1 Imports to Export Itself from Manhattan

Pier 1 Imports will leave Manhattan wicker-less, according to The Real Deal.

According to the monthly:

The retailer that brought globally-sourced home furnishings and wicker and rattan looks to the Big Apple is closing shop at 1550 Third Avenue at 87th Street.

At the same time, Robert K. Futterman has been retained to start an early marketing campaign to secure a new tenant for the Pier 1 space at 71 Fifth Avenue at 15th Street. The lease for that location expires in 2012.

Apparently, the chain has had financial troubles on a national scale, having closed "over 100 stores over the last 18 months."

And the competition in Manhattan is fierce. Mark Lapidus of 71 Fifth Avenue LLC, a majority owner of the 15th Street building, told the magazine that, "There’s too much competition in [the home] market. Pier 1 has gotten outdated. ”

"They also over expanded and opened way too many stores too quickly,” he added.